Qiming Venture "First Take the Shell and then Fill with Assets" VC/PE Explores a New Model for Exit

On the evening of April 19, Tianmai Technology announced that the company is planning to issue shares and pay cash to purchase 100% equity of Shanghai Fenneng Automation Technology Co., Ltd. and raise supporting funds, which is expected to constitute a major asset restructuring and related transaction. This is the first major asset restructuring plan launched by Tianmai Technology three months after being invested by leading domestic venture capital firm Sequoia Capital China. It is worth noting that the Fenneng Automation, which Tianmai Technology intends to acquire this time, is a project that Sequoia Capital China invested in 2016 and has held for many years. If the acquisition is successfully completed, Sequoia Capital China will have successfully opened up a new path for project exit by controlling a listed company, and is also expected to create a new exit "sample" for the industry.